David Wilson & Richard Freeborough join Economical's board of directors
WATERLOO, ON, Feb. 7, 2012 /CNW/ - The Economical Insurance Group, one of Canada's largest property and casualty insurers, today
announced that David Wilson, the past chair of the Ontario Securities
Commission, and Richard Freeborough, chair of the International Order
of Foresters and the board of governors of the University of Guelph,
have joined Economical's board of directors.
"David and Richard are valuable additions to the board of The Economical
Insurance Group as we prepare to be the first Canadian property and
casualty insurance company to demutualize," said Chairman Gerry Hooper.
Mr. Wilson, chair of the Ontario Securities Commission from 2005 to
2010, brings to Economical a wealth of capital markets experience after
a 35-year career in Canada's securities industry. As vice chair of
Scotiabank and chair and CEO of Scotia Capital, he was responsible for
Scotiabank's global wholesale activities, including its corporate,
institutional and government relationships on a global basis.
Economical will draw on his depth and expertise through membership on
the board's Investment and Risk Review Committees, as well as the
Special Committee responsible for guiding the demutualization process.
Mr. Freeborough brings more than a decade of board leadership since
retiring as deputy chair of KPMG LLP in 1999, after 39 years of
financial services practice. Economical will leverage his experience
through membership on Economical's Audit and Corporate Governance and
Conduct Review Committees.
"In the coming months we hope to receive the regulatory framework for
demutualization from the Department of Finance," added Mr. Hooper.
"Upon demutualizing, we will have access to capital to grow and make
strategic investments in tools and processes that will improve our
productivity and the level of support we provide our broker partners
who help generate our business."
Founded in 1871, The Economical Insurance Group is one of Canada's
leading property and casualty insurers, with $1.7 billion in premiums
and $4.6 billion in assets. Based in Waterloo, this Canadian-owned and
operated group services the insurance needs of more than one million
customers through 19 branches and service offices across the country.
In 2010, Economical announced its decision to become the first
federally-regulated mutual property and casualty insurance company to
demutualize. Economical is currently reviewing strategic options and
will submit a comprehensive demutualization strategy for mutual
policyholder approval after the federal government's completion of
The Economical Insurance Group's member companies include: Economical
Mutual Insurance Company® (including Western General® Farm Division),
Waterloo Insurance Company®, Perth Insurance Company®, The Missisquoi
Insurance Company®, Federation Insurance Company of Canada™, Family
Insurance Solutions and The Mattei Companies.
Note to editors, news directors: High-resolution images of Messrs. Freeborough and Wilson are available
from CNW (www.newswire.ca)
Image with caption: "W. David Wilson, B. Comm., MBA, joins the board of directors of The Economical Insurance Group. (CNW Group/Economical Insurance Group)". Image available at: http://photos.newswire.ca/images/download/20120207_C2146_PHOTO_EN_9771.jpg
Image with caption: "Richard M. (Dick) Freeborough, FCA, ICD.D, joins the board of directors of The Economical Insurance Group. (CNW Group/Economical Insurance Group)". Image available at: http://photos.newswire.ca/images/download/20120207_C2146_PHOTO_EN_9773.jpg
SOURCE Economical Insurance Group
For further information:
The Economical Insurance Group
(T) 519.570.8500 ext. 48249